The US has now recovered about 96% of its pandemic-era decline in output. A 10% surge for first-quarter GDP would have completed the economic rebound.
Pressure is building in the markets for corn and other crops due to dry weather and rising demand.
It took more than three years for the US economy to recover its pre-crisis size after the 2008 crash, Commerzbank economists said.
In a CNN special report, Dr. Fauci said he was taken aback by the former president calling for states to reopen beginning in mid-April last year.
Biden's spending plans suggest economic policy will now focus more on maximum employment and less on debt concerns, with inflation the major risk now.
US stocks rebounded after a sharp sell-off the previous day, with the tech-heavy Nasdaq leading the rally. A blockage in the Suez Canal boosted oil.